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To: Bocor who wrote (108348)	2/16/2010 8:30:11 AM
From: Sr K	Read Replies (1) \| Respond to of 116555

Simon Property Group Makes $10 Billion Offer to Acquire General Growth Properties Offer Provides 100% Cash Recovery Plus Accrued Interest To All Unsecured Creditors; Would Accelerate General Growth's Emergence From Bankruptcy General Growth Shareholders Would Receive Value Exceeding $9.00 Per Share, Including $6.00 Per Share In Cash Plus Assets Valued At More Than $3.00 Per Share, While Avoiding Likely Dilution From Stand-Alone Recapitalization Offer Supported By General Growth's Official Unsecured Creditor Committee Acquisition of General Growth Portfolio By Best In Class Operator Offers Significant Value-Creation Opportunity For Simon Shareholders Press Release Source: Simon Property Group, Inc. On Tuesday February 16, 2010, 7:30 am INDIANAPOLIS, Feb. 16 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE:SPG - News) today announced that it has made a written offer to acquire General Growth Properties, Inc. (OTC Pink Sheets:GGWPQ.pk - News) in a fully financed transaction valued at more than $10 billion, including approximately $9 billion in cash. Â The text of Simon's February 8, 2010 offer letter to General Growth, as well as a letter Simon sent today to General Growth, are below. Simon's offer would provide a 100% cash recovery of par value plus accrued interest and dividends to all General Growth unsecured creditors, the holders of its trust preferred securities, the lenders under its credit facility, the holders of its Exchangeable Senior Notes and the holders of Rouse bonds, immediately upon the effectiveness of a definitive transaction agreement. Â This consideration to creditors totals approximately $7 billion. General Growth shareholders would receive more than $9.00 per General Growth share, consisting of $6.00 per share in cash and a distribution of General Growth's ownership interest in the Master Planned Community assets valued by General Growth at more than $3.00 per share. Â Simon is also prepared to offer Simon common equity instead of the cash consideration, in whole or in part, as payment to those General Growth shareholders or creditors who would prefer to participate in the upside of owning stock in Simon. Â Under Simon's offer, the existing secured debt on General Growth's portfolio of assets would remain in place. finance.yahoo.com